Daily Digest 10/1 - A Disease Cuts Corn Yields, What The Gov't Shutdown Means For You
In the United States, however, government shutdowns - or the threat thereof - have become an accepted negotiating tactic, thanks to the quirks of the American federal system, which allows different branches of government to be controlled by different parties. It was a structure devised by the nation's founders to encourage compromise and deliberation, but lately has had just the opposite effect.
What A Government Shutdown Means For You (jdargis, SATIRE)
Any harm that may occur to you during the shutdown will still affect your body in real life. Essentially, if you die in the shutdown, you die for real.
Boom, Bust, Flip (jdargis)
Now, five years after the start of the financial crisis, the housing market has come back, and many of these investors are cashing in. According to tabulations by Redfin, an online real estate listings site, banks have already sold about 1.5 million of the nearly 2 million homes that were foreclosed on during the past half-decade. Resales are becoming more common and can be hugely profitable. A house in Redwood City, Calif., for instance, was sold in a foreclosure auction in 2011 for less than half what the evicted owner paid in 2006. Ten months later, it was flipped for close to its previous price. Another house in Los Angeles went into foreclosure in 2012 and was flipped seven months later for a markup of $254,000, or 66 percent. Of the 87,062 foreclosures in the last five years that were bought by corporate investors and have been flipped, about a quarter were sold for at least $100,000 more than what the investor originally paid, according to Redfin. (Although it’s impossible to know how much investors spent on upgrades or renovations.)
"It will just slow the pace of growth in outstanding debt and slow the pace of budget-deficit growth, but things would still be deteriorating," Ogawa, the ratings firm's Tokyo-based director of sovereign ratings, told reporters last week.
S&P could cut Japan's rating if it does not shrink its budget deficit, he said.
On a dry-dock in South Korea Maersk is building the world's biggest ship. A container vessel, it will ply the route between Northern Europe and China. It is called the Triple-E and the Danish shipbuilder has ordered 20 of them, at a cost of $185 million each. A Triple-E, in one trip, could transport more 182 million iPads, or 111 million pairs of shoes, from Shanghai to Rotterdam. Stood on its stern, its bow would stretch 19 meters above the roof of the Empire State Building.
Detroit Spent Billions Extra on Pensions (jdargis)
When asked on what legal authority the trustees made the payments, Mr. Harris said, “My understanding was, it had to be approved by City Council, and council was under the belief that the money was there — that the pension funds were earning the money — with the consideration that in bad times the city would be making up the difference. I hate to say that. Ultimately the fund has to be funded by the taxpayers.”
A Disease Cuts Corn Yields (Mike K.)
“The farmer who called me had found a circle of corn about 50 feet in diameter or so that had strange symptoms, stalks broken over and twisting, discoloration, the whole nine yards,” said Clayton Hollier, a plant pathologist at Louisiana State University. “I hadn’t heard symptoms like that since I learned about Goss’s in college.”
The ocean’s surface water first absorbs the heat, but with time that is then passed down into deeper water where it not only kills marine flora and fauna, but also shifts ecosystems, changes ocean currents, and causes seawater to expand, raising global sea levels.
Gold & Silver
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